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China’s iron ore futures suffered their worst one-day price drop for almost two years on Monday, but the evaporating optimism in the market has yet to show up in imports of the key raw material for making steel.
The catalyst for Monday’s weakness was a raft of data that indicated that the world’s second-biggest economy is struggling to gain momentum.The private Caixin/S&P Global Purchasing Managers’ Index rose to 50.4 in August from 49.
The National Bureau of Statistics PMI focuses more on large and mainly state-controlled corporations and includes the key steel sector. Official customs data for August will be released next week, but data from commodity analysts Kpler points to imports being the strongest since January. But since then more than 45 million tons have been added to port stockpiles monitored by consultants SteelHome , taking the total to 150.8 million as of last week.
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